Annual report pursuant to Section 13 and 15(d)

Statements of Cash Flows

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Statements of Cash Flows - USD ($)
 12 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2014
Cash flows from operating activities:      
Net income $ 8,013,062 $ 4,682,008 $ 5,432,851
Adjustments to reconcile net income to cash provided by operating activities:      
Depreciation and amortization 1,449,202 1,216,083 699,869
Deferred income taxes 2,340,771 2,342,045 3,019,626
Loss on disposal of assets 12,348 23,196 12,809
Stock-based compensation expense 1,404,899 1,074,727 794,865
Changes in operating assets and liabilities:      
Accounts receivable, net (1,988,310) (983,044) 2,809,687
Inventories (1,190,301) (1,792,512) 236,422
Other current assets (812,811) 121,381 (243,339)
Accounts payable and accrued expenses 2,323,891 164,336 (1,234,039)
Net cash provided by operating activities 11,552,751 6,848,220 11,528,751
Cash flows from investing activities:      
Purchases of property, plant and equipment (1,550,128) (4,518,782) (1,418,461)
Purchase of investments (8,138,075) (10,374,000) (8,899,000)
Proceeds from sale of property and equipment 729 79,936 40,908
Patent additions (77,138) (24,418) (36,544)
Sale of investments 8,123,000 9,093,000 6,727,000
Net cash used in investing activities (1,641,612) (5,744,264) (3,586,097)
Cash flows from financing activities:      
Repurchase of common stock (333,761) (849,157)
Proceeds from issuance of common stock under employee stock purchase plan 254,426 211,459 185,584
Proceeds from issuance of common stock 548,844 43,106 646,453
Excess tax benefit from exercise of stock options 9,660 8,474
Tax withholding related to vesting of restricted stock grants and exercise of stock options (437,537) (639,307) (399,629)
Net cash provided by (used in) financing activities 31,972 (1,224,239) 440,882
Increase (decrease) in cash and cash equivalents 9,943,111 (120,283) 8,383,536
Cash and cash equivalents at beginning of year 18,071,210 18,191,493 9,807,957
Cash and cash equivalents at end of year 28,014,321 18,071,210 18,191,493
Supplemental cash flow information      
Cash paid during the year for income taxes, net of refunds 1,130,930 50,850 361,284
Non-cash financing activities      
Cashless exercise of stock options 853,033 207,738 297,883
Establishment of deferred tax asset for the adoption of ASU 2016-09 $ 1,864,980